Adjusted EBITDA to be in the range of $520 million to $550 million; and

Free Cash Flow to be in the range of $155 million and $165 million.

Earlier today, the Company announced a definitive agreement whereby
Quad/Graphics will acquire Brown Printing Company (“Brown”). The
transaction is subject to customary regulatory clearances and is
expected to close in the second half of 2014. The reaffirmed guidance
above does not include any potential 2014 impact from the Company’s
acquisition of Brown.

“We are pleased to reaffirm our full-year 2014 guidance,” said David
Honan, Vice President and Chief Financial Officer. “As always, we remain
focused on maintaining strong Free Cash Flow as well as a strong and
flexible balance sheet, which affords us the flexibility to pay down
debt, continue disciplined investment in our business, pursue compelling
acquisition opportunities like Brown, and return capital as part of
creating long-term value for our shareholders.”

Forward-Looking Statements

This press release contains certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding, among other
things, our current expectations about the Company’s future results,
financial condition, revenue, earnings, free cash flow, margins,
objectives, goals, strategies, beliefs, intentions, plans, estimates,
prospects, projections and outlook of the Company and can generally be
identified by the use of words or phrases such as “may,” “will,”
“expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,”
“project,” “believe,” “continue” or the negatives of these terms,
variations on them and other similar expressions. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause actual results to be materially different from
those expressed in or implied by such forward-looking statements.
Forward-looking statements are based largely on the Company’s
expectations and judgments and are subject to a number of risks and
uncertainties, many of which are unforeseeable and beyond our control.

The factors that could cause actual results to materially differ
include, among others: the impact of significant overcapacity in the
highly competitive commercial printing industry, which creates downward
pricing pressure and fluctuating demand for printing services; the
inability of the Company to reduce costs and improve operating
efficiency rapidly enough to meet market conditions; the impact of
electronic media and similar technological changes, including digital
substitution by consumers; the impact of changes in postal rates,
service levels or regulations; the impact of changing future economic
conditions; the failure to renew long-term contracts with clients on
favorable terms or at all; the failure of clients to perform under
long-term contracts due to financial or other reasons or due to client
consolidation; the failure to successfully identify, manage, complete
and integrate acquisitions and investments; the impact of increased
business complexity as a result of the Company’s entry into additional
markets; the impact of fluctuations in costs (including labor-related
costs, energy costs, freight rates and raw materials) and the impact of
fluctuations in the availability of raw materials; the impact of
regulatory matters and legislative developments or changes in laws,
including changes in privacy and environmental laws; the impact on the
holders of Quad/Graphics class A common stock of a limited active market
for such shares and the inability to independently elect directors or
control decisions due to the voting power of the class B common stock;
the impact of risks associated with the operations outside of the United
States; significant capital expenditures may be needed to maintain the
Company’s platform and processes and to remain technologically and
economically competitive; and the other risk factors identified in the
Company’s most recent Annual Report on Form 10-K, as such may be amended
or supplemented by subsequent Quarterly Reports on Form 10-Q or other
reports filed with the Securities and Exchange Commission.

Except as required by the federal securities laws, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

Non-GAAP Financial Measures

This press release contains financial measures not prepared in
accordance with generally accepted accounting principles (referred to as
Non-GAAP), specifically Adjusted EBITDA and Free Cash Flow. Adjusted
EBITDA is defined as net earnings (loss) attributable to Quad/Graphics
common shareholders plus interest expense, income tax expense (if
applicable), depreciation and amortization and restructuring, impairment
and transaction-related charges, and less income tax benefit (if
applicable). Free Cash Flow is defined as net cash provided by operating
activities less purchases of property, plant and equipment. These
measures are presented to provide additional information regarding
Quad/Graphics’ performance and because they are important measures by
which Quad/Graphics assesses the profitability and liquidity of its
business. These measures should not be considered alternatives to net
earnings as a measure of operating performance or to cash flows provided
by operating activities as a measure of liquidity.

About Quad/Graphics

Quad/Graphics (NYSE: QUAD), a leading global printer and media channel
integrator, is redefining print in today’s multichannel media world by
helping marketers and publishers capitalize on print’s ability to
complement and connect with other media channels. With consultative
ideas, worldwide capabilities, leading-edge technology and single-source
simplicity, Quad/Graphics has the resources and knowledge to help its
clients maximize the revenue they derive from their marketing spend
through channel integration, and minimize their total cost of print
production and distribution through a fully integrated national
distribution network. The Company provides a diverse range of print
solutions, media solutions and logistics services from multiple
locations throughout North America, Latin America and Europe.